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Wednesday, June 20, 2018

Hammond sees light at end of austerity tunnel

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British finance minister Philip Hammond said on Sunday he might be able to relax his grip on public spending at the end of this year, but he stuck to his plan to cut the country's high debt levels. Britain's budget deficit has probably fallen to about 2 percent of annual economic output in the current financial year, which would be its lowest since 2002 and way down from the 10 percent it reached in 2010, when many government departments began cutting spending sharply.

"There is light at the end of the tunnel because what we are about to see is debt starting to fall after it's been growing for 17 continuous years," Hammond told BBC television ahead of a half-yearly update on the public finances on Tuesday.

-Reuters, London

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